HgCapital has acquired SimonsVoss Technologies AG, a German provider of digital radio-based locking and access control systems. The deal reportedly is valued at around £100 million.
HgCapital, the European sector focused private equity investor, today announced its investment in SimonsVoss Technologies AG (SimonsVoss), a leading provider of digital radio-based locking and access control systems. The acquisition is expected to be completed in the first half of 2010 subject to competition clearance.
SimonsVoss, founded in 1995, develops, manufactures and markets digital radio-based locking and access control systems and is one of the technology leaders and premier suppliers in this fast-growing market. Since launching the first version of its flagship product, the actively controlled electronic locking cylinder, in 1998, the company has installed more than 750,000 cylinders across a variety of sectors for blue chip customers. SimonsVoss with sales of over €37 million has a long track record of delivering double digit sales growth (CAGR of over 20% p.a. since the early 2000s). The company currently employs more than 225 members of staff at its headquarters in Munich, its production site in Petersburg and in its foreign subsidiaries.
The management board of SimonsVoss Technologies AG welcomes the move and will take the company forward on the same sound business principles that have served it so well in the past.
Commenting on the investment, Justin von Simson, who led the transaction for HgCapital stated:
“SimonsVoss is a highly innovative company which boasts a best-in-class product range which can be applied across a range of target markets and has the infrastructure to deliver at a global level. The transaction is an example of the value-add HgCapital can offer entrepreneurs in privately negotiated transactions that take full advantage of HgCapital’s deep sector insight and first class execution. We are keen to back high growth, innovative companies as we have demonstrated in our investments into SLV, Schleich and others over the last decade of our presence in Continental Europe. We are looking forward to working alongside management to further expand the company’s product portfolio and develop its international reach.”